Latecoere announced on Friday that it had successfully completed its capital increase of 124.4 million euros, a move considered "key" to its objective of returning to profitability.

At the end of the subscription period, which closed this week, total demand stood at around 125 million euros, representing a subscription rate of 115.5% before exercise of the extension clause.

In the end, the aeronautical equipment supplier reports having issued just over 12.4 billion new shares at a unit subscription price of 0.01 euros.

These funds should enable it to finance its major investment projects in terms of operational resources and working capital, at a time when sales jumped by 40% in the first half of the year.

The American investment fund Searchlight Capital Partners, which held 74.6% of the capital before the operation, will hold 86.9% following the capital increase.

In its press release, Latecoere points out that it is currently working on a plan to restore profitability through a combination of commercial, efficiency and productivity levers.

Latecoere shares were down 55% on the Paris Bourse following these announcements, the prospect of improved profitability being more than offset for the moment by the dilutive effect of the capital increase.

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